EQS-News: Manz AG: Opening of insolvency proceedings – Contract signed for acquisition of parts of Reutlingen site by Tesla Automation

Manz AG: Opening of insolvency proceedings – Contract signed for acquisition of parts of Reutlingen site by Tesla Automation

• Insolvency proceedings opened by the Local Court of Stuttgart, attorney Martin Mucha appointed insolvency administrator
• Tesla Automation takes over most employees at the Reutlingen site and acquires assets of Manz AG
• Manz AG's business operations will not be continued

Reutlingen, 25 February 2025 – Yesterday, on 24 February 2025, the Local Court of Stuttgart opened insolvency proceedings about the assets of Manz AG (ISIN DE000A0JQ5U3). Martin Mucha, an attorney from the law firm Grub Brugger in Stuttgart who has been acting as the provisional insolvency administrator since 20 December 2024, was appointed as the insolvency administrator.

Manz AG's insolvency administrator and Tesla Automation GmbH, based in Prüm, a subsidiary of the US electric vehicle manufacturer Tesla, Inc., Austin (USA), have signed a purchase agreement on 24 February 2025. Tesla Automation, which specializes in the construction of special-purpose machines at its three German locations, intends to operate an additional location in Reutlingen in the future. For this purpose, Tesla Automation will take over more than 300 employees at the Reutlingen site and acquire movable tangible assets. Tesla Automation will also use the Manz company property in Reutlingen. The completion of the transaction is still subject to the approval of the German Federal Cartel Office under merger control law. The insolvency estate will receive the proceeds of the sale. The parties agreed not to disclose the purchase price.

Insolvency administrator Martin Mucha explains: “We are pleased to have successfully concluded the negotiations with Tesla, to have saved many jobs and thus to have enabled the employees to have a professional future in what is probably the best-known automotive group in the field of electric mobility.”

Mr. Lothar Thommes, Managing Director at Tesla Automation, is very satisfied with the acquisition plans: “We are gaining qualified employees with a high level of expertise in high-tech mechanical engineering. The Reutlingen site is an ideal complement to the continued successful implementation of our global automation projects in the Tesla Group. We are very pleased to be realizing future innovations there.”

Manz had already announced on 10 January 2025 that it would extend the sales process to all business units. The economically independent subsidiaries and other holdings of Manz AG that continue to operate in the market are also to be sold. Martin Mucha explains: “The structured sales process for the further assets is being driven forward with the highest priority – in a very challenging market environment. We are currently holding promising talks with several interested parties.”

It is not possible to maintain the Manz AG’s business, so that the assets must be realized in the context of the insolvency proceedings. Manz AG's business operations can therefore not be continued. The approximately 100 Manz AG employees who will lose their jobs and who will not transfer to Tesla Automation GmbH will be offered the opportunity to join a transfer company to cushion the social disadvantages of losing their jobs at the best. Certainly, the proceeds from the realization of assets will only be sufficient to partially satisfy the non-subordinated insolvency creditors. No payments to the holders of Manz shares as subordinated insolvency creditors are expected.

Contact:

Manz AG
Katrin Neuffer

Steigaeckerstrasse 5
72768 Reutlingen

Germany
Tel.: +49 (0)7121 – 9000-395
E-Mail: investor-relations@manz.com